|
Report No. : |
356916 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
EXCELLA INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
C/o Hong Kong Accounting and Registration Co., Unit-E1, 3/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hung Hom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
17.07.2012 |
|
|
|
|
Com. Reg. No.: |
60100416 |
|
|
|
|
Legal Form : |
Limited Company (Non-Hong Kong Company). |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds. |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12.5% of total system deposits in Hong Kong by the end of 2014. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4.4% in 2014. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
EXCELLA INTERNATIONAL
LTD.
ADDRESS: C/o
Hong Kong Accounting and Registration Co.
Unit-E1, 3/F., Hang
Fung Industrial Building, 2G Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-3741
1966
FAX: 852-8104
5009
Managing Director: Mr.
Jigar Ashok Parmar
Registered in Hong Kong on: 17th July, 2012.
Organization: Limited Company (Non-Hong Kong
Company).
Capital: Authorised:
US$50,000.00
Issued
& Paid Up: US$10,000.00
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
263 Main Street, Road Town, Tortola, British Virgin
Islands.
Corresponding
Address:-
c/o Hong Kong Accounting and Registration Co.
Unit-E1, 3/F., Hang Fung Industrial Building, 2G Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
Nominal Place of
Business in Hong Kong:-
Unit 912B, 9/F., Tower A, Hunghom Commercial Centre,
37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Ideas & Designs Ltd., British Virgin Islands.
More Goal Ltd., British Virgin Islands.
60100416
F0019232
Managing Director:
Mr. Jigar Ashok Parmar
Representative: Mr. Petal
Name: C.K.
Liu & Co.
Address: 13/F.,
Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong.
Authorised Capital: US:50,000.00
Issued & Paid Up Capital: US$10,000.00
(As per registry dated 17-07-2014)
|
Name (Nationality) |
Address |
|
Jigar Ashok PARMAR |
Zaveri Baug, Narnarayan Temple, 227 Kalbadevi Road,
Mumbai 400002, India. |
(As per registry dated 17-07-2014)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
The subject was
incorporated in the British Virgin Islands as a
limited company. It has established a
principal place of business in Hong Kong and was registered on 17th July,
2012 as a Non-Hong Kong company under Part XI of the Hong Kong Companies
Ordinance.
Formerly the
subject’s registered address was located at 13/F., Wah Kit Commercial Centre,
302 Des Voeux Road Central, Hong Kong where was the operating address
of an accountant firm C.K. Liu & Co., moved to Unit 912B, 9/F., Tower A,
Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong
with effect from 8th May, 2013.
According to the
subject it has moved to Unit-E1, 3/F., Hang Fung Industrial Building, 2G Hok
Yuen Street, Hung Hom, Kowloon, Hong Kong since June 2014. But this relocation has not been shown in the
registration documents of the subject with Companies Registry of Hong Kong.
Apart from these, neither
material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Employees: 2.
Commodities Imported:India, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales: COD, CAD, or as per contracted.
Terms/Buying: L/C,
advanced T/T, etc.
Authorised Capital: US$50,000.00
Issued & Paid Up Capital: US$10,000.00
Profit or Loss: Made
a very small profit in 2014.
Condition: Business
keeps on improving.
Facilities: Making
use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
Hang Seng Bank Ltd.,
Hong Kong.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Standing: Small.
Excella International
Ltd. is a Non-HK Company incorporated in the
British Virgin Islands. It was
registered in Hong Kong in July 2012.
According to the
subject, it has moved to ‘Unit-E1, 3/F., Hang Fung Industrial Building, 2G Hok
Yuen Street, Hung Hom, Kowloon, Hong Kong’ since June 2014. However, this is the address of a commercial
service provider. There are a number of
companies in Hong Kong using this address as its ‘operating address’.
The subject’s
Authorized Representative C. K. Liu & Co. is an accountant
company. It is located at ‘13/F., Wah
Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong’. The subject’s corporate secretary is an
associated company of C. K. Liu & Co. located at the same address.
The subject has 2
employees in Hong Kong.
The representative of
the subject Mr. Petal who is an Indian can be reached at his Hong Kong mobile
phone number 852-3741 1966. Currently,
Petal is residing in Hong Kong.
The subject’s actual
operating address is in the Hong Kong resident of its representative. Its fax number is 852-8104 5009 respectively.
The director of the
subject Mr. Jigar Ashok Parmar is also an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. His registered address is in Mumbai, India.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in loose, polished and cut diamonds. Most of the commodities are imported from
India. Prime markets are Hong Kong,
China and the other Asian countries.
Business keeps on improving.
Besides operating the
subject, Mr. Parmar is also operating another firm in Hong Kong known as More
Goal Ltd. [More Goal] which is also a BVI-registered firm. More Goal and the subject are engaged in the
same lines of business.
Another company Ideas
& Designs Ltd. [Ideas & Designs] is also owned by Parmar. Ideas & Designs is also a BVI‑registered
company and a diamond trader.
The subject’s history in Hong Kong is just over three
years.
Since the history of the subject is short, on the whole,
consider it good for business engagements on L/C basis for the time being.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some
medium and large diamond traders which are usually engaged in fictitious import
– export, inter-company transactions, financially assisted by banks. In the
process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
HKD |
1 |
Rs. 8.54 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.